You are certainly a software editor. Your software generates data that could help your users make better decisions. But the question: is data fueling your revenues enough? And as January-February is always known as a time when you look back on the highs and lows of the year gone by, and all the exciting possibilities of the months to come.
You certainly wonder how Embedded Analytics can drive business growth, read on. Lets Gartner says it for us: “Embedded analytics is a digital workplace capability where data analysis occurs within a user’s natural workflow, without the need to toggle to another application.”
In other words, you lower the barrier to entry to data-driven decision-making. You make it easy and effortless to consider the relevant data context at the point of decision-making. Your users no longer have to export the relevant data in a self BI tool and spend hours trying to make sense of it. Let’s be honest they just weren’t doing it.
A great example is a social media posting automation tool that’s packed with analytics capabilities. The tool will use embedded analytics to monitor posts frequency, platform-wise engagement, and social media investment. Consequently, as these insights keep pouring in, you can refine your social media game-plan and tweak those essential bits and pieces that make a message truly strike hard with your audience! Otherwise, users would have to manually import the data and spend extra effort+time on report creation.
Now let’s turn to your customers. If embedded analysis would be food, let’s imagine it as a three-course meal, enjoyable and healthy!
1. It offers your customers a delectable set of hors-d’oeuvres
Like any piece of delicious finger food or a warm bowl of soup, embedded analytics gets off the mark with a great possibility for revenue optimization. Fantastic news, huh?
In-app data analysis dramatically increases the market value of your product, enabling greater revenue generation. Also, it helps your customers earn more, thereby causing a butterfly effect!
In fact, a recent survey found that 18% of customers using embedded analytics are able to boost sales/revenues. Indeed, this has a huge impact on your monetization capabilities. It’s no surprise, therefore, that more than 1 out of 5 software providers view embedded BI and analytics as an important way of gaining a competitive advantage.
So, to sum up, look at four monetization pointers
• new partnerships
• process optimization
• smarter decision-making
• data-driven products and services
2. It’s chock-full with meat and veggies
Then, a good and healthy meal is a nice mix of greens, staples and a generous portion of protein right, huh? But the tricky balance is about finding the right amount of meat and vegetables!
Ironically, keeping users engaged after a software implementation is almost as hard as getting people to choose all those nutritious greens. (Fun fact: an average employee switches apps over 1,100 times a day!)
So, your software is fighting a long and hard battle to grab attention to be remembered as the winning dish. And Embedded analytics is that “secret sauce,” helping users to scan volumes of historical data and refresh them anytime, anywhere to keep your meal tasty and appropriate. Plus research suggested that 67% of application teams say that time spent on their applications saw a spike after embedding an analytics feature. 93% even said that it led to better user experience.
Basically, embedded analytics brings out “all the colors, flavors, and tastes” hitherto unrealized in your software, adding more meaning, adoption, and loyalty among users. Especially since the embedded analytics is very light, and wired very simply.
3. Finally, the pièce de résistance is always the dessert
A nice meal always comes with a sweet goodbye. It doesn’t all have to be rich dark chocolate or gooey caramel – you just have to understand this “sweet weakness” of the audience! So where is it?
It’s a fact, customization is in any sphere, everything. Wildly hunting for insights and reports, your clients often turn to your Customer Success team and make a range of bespoke requests. You should often strive to productize what you deliver to your customers. But you should effortlessly be able to adapt to the peculiarity of more or less reasonable juicy customers. Embedded Analytics makes it virtually free to adapt to various customers’ needs.
Think of a matrix of parameters, filters, and drill-down ergonomic tools, and your customers can manage, monitor, and manipulate the data as they see fit. They need anymore, and the request can be accommodated as a value-added service/feature, making your product a truly unbeatable proposition.
You got it, these gastronomically-inspired benefits of embedded analytics highlight its immense, transformative capabilities. But don’t take our word for it – let one real-world experience show you the truth of our argument!
True Story: How One CEO Used Embedded Analytics to Build a Winning Product
At MonetizeMore, Kean Graham (CEO) was business tackling a slightly tricky problem: help his customers bump up revenues from ad placement. This was a clear case for embedded analytics, letting customers use data to choose the right marketing channels for investments and ROI.
Back in the non-embedded analytics days, customers had to log in to the MonetizeMore interface and manually copy-paste all the data on a spreadsheet. This was its terribly time-consuming and often frustrating experience.
Thanks to the intelligent use of analytics in MonetizeMore’s software, like PubGuru, all of this change. And results: Sales conversion on PubGuru jumped by 8X-10X times. You actually understand the impact now!
“When you’re a software provider, the ultimate goal is to help your client transform their data pipeline into actionable insights.” And Embedded analytics does this perfectly, giving customers a better clue about their investments, so they immediately see the value of your product,” Kean told us. “You help them make better informed-decision that will make them save time & money. In ads, it’s huge and lucrative,” he added.
In a nutshell, no matter the kind of business or industry sector, Embedded Analytics is a useful tool that amps your product’s value, it lets you locate a truly competitive edge, and boost engagement.
And as markets keep growing, new customers are onboarded (who aren’t all super tech-savvy), ISVs will require this timely intervention – a sprinkling of magic dust, almost, to make any business strategy find fruition and greater success.
So, the real question is: are you ready to grow with Embedded Analytics?
Charles Miglietti is CEO of Toucan Toco.
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